Consolidated Balance Sheet as of December 31

in CHF mn 2015 2016 2017 2018 2019
Cash and cash equivalents 1,074.4 1,155.0 1,037.9 914.0 995.1
Accounts receivable 1,014.5 1,043.1 1,188.8 1,322.7 1,441.9
Inventories 584.9 600.8 729.5 800.7 866.5
Other assets1 104.3 98.1 128.9 139.1 166.4
Current assets 2,778.1 2,897.0 3,085.1 3,176.5 3,469.9
Property, plant, and equipment 924.3 959.2 1,065.2 1,214.2 1,795.8
Intangible assets 1,037.9 1,021.2 1,317.1 1,693.9 4,340.5
Other assets2 183.5 221.8 328.4 297.4 339.0
Non-current assets 2,145.7 2,202.2 2,710.7 3,205.5 6,475.3
? ? ? ? ? ?
Assets 4,923.8 5,099.2 5,795.8 6,382.0 9,945.2
? ? ? ? ? ?
Accounts payable 581.1 587.0 730.9 733.8 837.2
Financial liabilities 278.1 44.3 202.3 237.5 342.8
Other liabilities3 303.9 336.7 420.4 435.5 626.3
Current liabilities 1,163.1 968.0 1,353.6 1,406.8 1,806.3
Financial liabilities 708.8 707.5 553.3 2,795.0 4,070.1
Non-current provisions, employee benefit obligations 360.8 332.1 316.4 316.8 405.7
Other liabilities4 139.0 143.9 161.4 188.2 501.9
Non-current liabilities 1,208.6 1,183.5 1,031.1 3,300.0 4,977.7
? ? ? ? ? ?
Liabilities 2,371.7 2,151.5 2,384.7 4,706.8 6,784.0
? ? ? ? ? ?
Capital stock 1.5 1.5 1.5 1.4 1.4
Treasury shares -0.9 -11.0 -6.6 -11.1 -7.3
Reserves 2,530.2 2,933.8 3,389.8 1,655.4 3,130.0
Equity attributable to Sika shareholders 2,530.8 2,924.3 3,384.7 1,645.7 3,124.1
Non-controlling interests 21.3 23.4 26.4 29.5 37.1
? ? ? ? ? ?
Shareholders' Equity 2,552.1 2,947.7 3,411.1 1,675.2 3,161.2
? ? ? ? ? ?
Liabilities and Shareholders' Equity 4,923.8 5,099.2 5,795.8 6,382.0 9,945.2

1Prepaid expenses and accrued income, other current assets.

2Investments in associated companies, deferred tax assets, and other non-current assets.

3Accrued expenses and deferred income, income tax liabilities, current provisions, and other current liabilities.

4Deferred tax liabilities and other non-current liabilities.

Consolidated Income Statement from January 1 to December 31

in CHF mn 2015 2016 2017 2018 2019
Net sales 5,489.2 5,747.7 6,248.3 7,085.4 8,109.2
Material expenses -2,518.4 -2,566.6 -2,849.2 -3,333.7 -3,765.2
Gross result 2,970.8 3,181.1 3,399.1 3,751.7 4,344.0
Personnel expenses -1,106.5 -1,159.1 -1,212.1 -1,345.4 -1,544.3
Other operating expenses -1,027.0 -1,056.3 -1,118.5 -1,256.4 -1,412.1
Operating profit before depreciation 837.3 965.7 1,068.5 1,149.9 1,387.6
Depreciation/amortization/impairment -164.0 -170.4 -172.2 -204.0 -332.5
Operating profit 673.3 795.3 896.3 945.9 1,055.1
Interest income/interest expense -22.0 -17.8 -16.4 -24.2 -55.0
Financial income/financial expense/income from associated companies -29.4 -21.7 -17.8 -28.8 -33.5
Profit before taxes 621.9 755.8 862.1 892.9 ?966.6
Income taxes -156.8 -189.2 -213.1 -205.8 -208.1
Net profit 465.1 566.6 6490 687.1 ?758.5
Free cash flow 379.5 563.0 173.7 38.8 -717.0
Gross result as % of net sales 54.1 55.3 54.4 53.0 53.6
Operating profit as % of net sales 12.3 13.8 14.3 13.3 13.0
Net profit as % of net sales (ROS) 8.5 9.9 10.4 9.7 9.4
Net profit as % of shareholders′ equity (ROE) 18.2 19.2 19.0 41.0 24.0

Key Balance Sheet Data

in CHF mn 2015 2016 2017 2018 2019
Net working capital 1,018.3 1,056.9 1,187.4 1,389.6 1,471.2
Net working capital as % of net sales 18.6 18.4 19.0 19.6 18.1
Net debt1 -94.0 -415.6 -290.2 2,114.1 3,407.7
Gearing in % -3.7 -14.1 -8.5 126.2 107.8
Equity ratio in % 51.8 57.8 58.9 26.2 31.8

1 Net debt: Financial liabilities (less derivatives) less interest-bearing current assets (cash and cash equivalents and securities).

Value-Based Key Data

in CHF mn 2015 2016 2017 2018 2019
Capital employed1 2,760.2 2,772.4 3,246.3 3,975.6 7,026.4
Annual average of capital employed 2,771.1 2,766.3 3,009.4 3,611.0 5,501.0
Operating profit 673.3 795.3 896.3 945.9 1,055.1
Return on capital employed (ROCE) in % 24.3 28.7 29.8 26.2 19.2

1?Capital employed: current assets, PPE, intangible assets less cash and cash equivalents, current securities, current liabilities (excluding bank loans and bond).

Segment Information

EMEA
? ? ? ? ?
in CHF mn 2015 2016 2017 2018 2019
Net sales 2,486 2,561 2,736 3,167 3,432
Operating profit 327 349 379 435 473
in % of net sales 13.2 13.6 13.9 13.7 13.8
Depreciation/amortization 79 83 83 89 138
Capital expenditures 65 74 84 113 87
? ? ? ? ? ?
Americas ? ? ? ? ?
in CHF mn 2015 2016 2017 2018 2019
Net sales 1,439 1,487 1,684 1,821 2,162
Operating profit 230 258 288 300 353
in % of net sales 16.0 17.4 17.1 16.5 16.3
Depreciation/amortization 31 32 37 44 77
Capital expenditures 32 38 57 45 41
? ? ? ? ? ?
Asia/Pacific ? ? ? ? ?
in CHF mn 2015 2016 2017 2018 2019
Net sales 1,009 1,070 1,121 1,177 1,585
Operating profit 165 190 206 217 260
in % of net sales 16.4 17.8 18.4 18.4 16.4
Depreciation/amortization 24 25 25 25 59
Capital expenditures 25 23 25 29 35
? ? ? ? ? ?
Global Business ? ? ? ? ?
in CHF mn 2015 2016 2017 2018 2019
Net sales 555 630 707 920 930
Operating profit 60 102 120 132 114
in % of net sales 10.8 16.2 17.0 14.3 12.3
Depreciation/amortization 11 10 12 22 29
Capital expenditures 15 15 17 21 19
? ? ? ? ? ?
OTHER SEGMENTS AND ACTIVITIES ? ? ? ? ?
in CHF mn 2015 2016 2017 2018 2019
Net sales 0 0 0 0 0
Operating profit -109 -104 -97 -138 -144
in % of net sales ? ? ? ? ?
Depreciation/amortization 19 20 17 25 30
Capital expenditures 6 5 5 6 11
? ? ? ? ? ?
TOTAL ? ? ? ? ?
in CHF mn 2015 2016 2017 2018 2019
Net sales 5,489 5,748 6,248 7,085 8,109
Operating profit 673 795 896 946 1,055
in % of net sales 12.3 13.8 14.3 13.4 13.0
Depreciation/amortization 164 170 174 204 333
Capital expenditures 143 155 188 214 192

Employees

Employees by geographical location (at December 31)1 2015 2016 2017 2018 2019
? ? ? ? ? ?
EMEA?(Europe, Middle East, Africa) 9,079 9,083 9,822 10,983 12,284
Switzerland 2,022 2,001 1,970 2,024 2,013
Germany 1,832 1,778 1,808 2,354 2,334
United Kingdom 772 817 837 864 951
France 754 727 701 685 1,392
? ? ? ? ? ?
America 4,090 4,167 4,621 4,867 6,271
Brazil 617 577 574 589 964
USA 1,432 1,580 1,911 2,164 2,547
? ? ? ? ? ?
Asia/Pacific 4,112 4,169 4,041 4,210 6,586
China 1,083 1,099 1,066 1,181 2,753
Japan 670 673 661 673 682
? ? ? ? ? ?
TOTAL 17,281 17,419 18,484 20,060 25,141
? ? ? ? ? ?
Personnel Expenses (in CHF mn) 2015 2016 2017 2018 2019
Wages and salaries 900 941 991 1,095 1,257
Social charges, other 207 218 221 250 287
Personnel expenses 1,107 1,159 1,212 1,345 1,544
Personnel expenses as % of net sales 20 20 19 19 19
? ? ? ? ? ?
Key Data per employee (in CHF 1,000) 2015 2016 2017 2018 2019
Net sales 321 331 348 368 359
Net value-added1 103 112 117 117 116

1 Does not correspond to the Sika segments. The employees of Global Business were assigned to the respective company locations.

2 See value-added statement.

Value-Added Statement

in CHF mn
2015 2016 2017 2018 2019
SOURCE OF VALUE-ADDED? ? ? ? ? ?
Corporate performance (net sales) 5,489 5,748 6,248 7,085 8,109
Intermediate inputs -3,572 -3,631 -3,994 -4,619 -5,157
Gross value-added 1,917 2,117 2,254 2,466 2,952
? ? ? ? ? ?
NON-LIQUIDITY RELATED EXPENSES ? ? ? ? ?
Depreciation and amortization -164 -170 -172 -204 -333
Change in provisions 2 -12 10 2 -6
Net value-added 1,755 1,935 2,092 2,264 2,613
? ? ? ? ? ?
DISTRIBUTION OF VALUE-ADDED ? ? ? ? ?
To employees ? ? ? ? ?
Wages and salaries 900 941 991 1,095 1,257
Social charges 212 222 224 253 287
To governments (income taxes) 157 189 213 206 254
To lenders (interest expenses) 21 16 15 23 56
To shareholders (dividend payout, incl. non-controlling interests) 183 200 246 283 293
To the company ? ? ? ? ?
Net profit for the year 465 567 649 687 759
Less dividend payout -183 -200 -246 -283 -293
Net value-added 1,755 1,935 2,092 2,264 2,613
? ? ? ? ? ?
NUMBER OF EMPLOYEES ? ? ? ? ?
End of year 17,281 17,419 18,484 20,060 25,141
Annual average 17,088 17,350 17,952 19,272 22,601
Net value-added per employee (in CHF 1,000) 103 112 117 117 116